Nokia stock surges 40 percent on Microsoft takeover

The share price of Nokia Corp has surged 40 percent after Microsoft said it would take over the Finnish firm's smartphones, patents and services in a move to challenge to Apple and Google.

Nokia's shares were up at 4.14 euros in early trading Tuesday in Helsinki.

The 5.44 billion euros ($7.2 billion) deal announced late Monday marks a major step in Microsoft's push to transform itself from a software maker focused on operating systems and applications for desktop and laptop computers into a more versatile company that delivers services on any kind of Internet-connected gadget.

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